Access Over Ownership And The On Demand Generation’s Consumption Habits

memeThe Netflix model of having access to items rather than owning them has been applied to dozens of industries, and Millennials are among the biggest adopters of this ever-growing trend. They don’t care as much about owning everything — whether it’s music, TV shows, or luxury dresses — as long as they can obtain these things when they need them. This mindset is what changed the music industry — YouTube is now the top way in which teens listen to music — and this attitude is influencing marketers who want to tap into Millennials’ purchasing, or rather renting, habits.

Rent the Runway isn’t new, but many female Millennials are continuously turning to it when they need a dress for a special occasion. Whether it’s prom, a school formal, their birthday, or graduation, teens and twentysomethings know that this method allows them to wear their dream dress at a more affordable price. This is valuable in that special occasion dresses aren’t worn often, and they can be pricey for something that then collects dust in their closet. However, if they rent a dress, solely for the situation in which they need it, the “runway” dress becomes more attainable. This also reflects a concept in the age of social media where every outfit is photographed and shared across one’s network. Many Millennials worry about their same clothes constantly being captured on Facebook and Instagram, but renting provides a solution in the form of a temporary expanded wardrobe.

Renting apparel also taps into showrooming, another shopping trend we’re seeing in that Millennials are visiting physical stores to scope out the selection, but not buying items in-person. Rather, they’re treating stores as if they were showrooms, and then going online or comparing prices before making purchases. Rent the Runway for example coincides…

 
 
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Millennial News Feed

Quote of the Day: “Mint.com is amazing. I love that I can link accounts to goals, it automatically categorizes my purchases, and it has all my accounts in one place (I have 17 linked!!!) I rarely go to individual websites anymore except to make a payment or something, since all my transactions are in Mint.” –Female, 27, VA

J.K. Rowling’s novel Fantastic Beasts and Where to Find Them, an extension to the wizarding world set a century before the Harry Potter brood entered Hogwarts, will breakout on-screen in a trilogy directed by none other than esteemed Potter director, David Yates. Fantastic Beasts and other novels from Rowling haven’t lived up to the Potter fandom, but putting back together the team that made Harry Potter come alive for audiences regardless of reading the books prior, might do the trick to attract viewers come November 2016. (MTV News)

Car buying is a big step for Millennials, and since they often don’t know what they’re looking for right off the bat, researching online is vital for product and dealer comparisons. 95% of Millennials use the internet to shop for vehicles and half are researching cars on their phones, compared to only 19% who were using smartphones to auto shop last year. Brands and dealerships are having to rethink their online strategies with the rise in mobile shopping, since having a mobile site that functions poorly is much worse by Millennial standards than not having one at all. (MediaPost

Capsule collections are still a big draw for young consumers, excited by the rush of limited-time-only launches and the ability to buy designer items for less. The Altuzarra for Target collection debuted its lookbook online this week with increased excitementfrom fashion publications, but one blogger was majorly disappointed by the lack of plus size options and decided to start a #BoycottingTarget movement. Her frustration comes after a recent sweep to remove plus sized lines from Target stores, and while the brand promises for a “new plus line in the near future,” shoppers are still upset. (Jezebel)

Current consumer culture is based on the Boomer ideal of big cars parked in the driveway of a big suburban house, but Millennials’ pushback on entering adulthood and moves to urban centers are a sign that products and marketing must change to fit their needs. Brands from mattress companies to Pepsi to General Mills are revamping packaging, reformulating products, and considering marketing tactics like sponsorship of music concerts or online quizzes to approach this generation “on their terms.” (NY Times

Anonymous app Secret has come under fire as a rumor mill for bullying, and a judge in Brazil has ordered Apple, Microsoft, and Google to make Secret unavailable in their app stores to people in Brazil. The judgment was brought to light following reports of students wanting to leave school because of rumors spread on the app. Since technical implications to remove Secret from users’ phones may not be feasible for app store providers, preventing the trend of anonymous bullying from growing globally will be difficult without cooperation from the app’s founders. (PandoDaily)

Infographics add to the story of this generation’s behaviors and views by synthesizing complex data into quick, visual bites. Our Gold and Silver tier subscribers are given access to our regularly published Infographic Snapshots, like this week’s breakdown of back-to-school spending. Using stats from our proprietary bi-weekly survey data, we make sure you know exactly where your Millennial target audience stands in a quick and easy way. (Ypulse)

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